I-3 - Taxation Act

Section 274.1 Disposition versions

2021-06-02

274.1. Subject to section 274.1.1, where a property was owned by an individual, whether jointly with another person or otherwise, at the end of 31 December 1981 and continuously thereafter until disposed of by the individual, the gain determined under section 271 in respect of the disposition of that property must not exceed the amount by which the aggregate of the following amounts exceeds the amount by which the fair market value of the property on 31 December 1981 exceeds the proceeds of disposition of the property determined without reference to this section:

(a)  the individual’s gain calculated in accordance with section 271 on the assumption that the individual had disposed of the property on 31 December 1981 for proceeds of disposition equal to its fair market value on that date; and

(b)  the individual’s gain calculated in accordance with section 271 on the assumption that that section applies and that

i.  subparagraph i of subparagraph b of the second paragraph of section 271 is read without reference to “one plus”, and

ii.  the individual acquired the property on 1 January 1982 at a cost equal to the proceeds of disposition determined under paragraph a.

1984, c. 15, s. 64; 1996, c. 39, s. 85; 2021, c. 14, s. 40.

2006-03-01

274.1. Where a property was owned by an individual, whether jointly with another person or otherwise, at the end of 1981 and continuously thereafter until disposed of by him, the gain determined under section 271 in respect of the disposition of that property shall not exceed the amount by which the aggregate of

(a)  his gain calculated in accordance with section 271 on the assumption that he had disposed of the property on 31 December 1981 for precedes of disposition equal to its fair market value on that date, and

(b)  his gain calculated in accordance with section 271 on the assumption that that section applies and that

i.  subparagraph b of the second paragraph of that section is read without reference to the words “one plus”, and

ii.  the individual acquired the property on 1 January 1982 at a cost equal to its proceeds of disposition as determined under paragraph a, exceeds

(c)  the amount by which the fair market value of the property on 31 December 1981 exceeds the proceeds of disposition of the property determined without reference to this section.

1984, c. 15, s. 64; 1996, c. 39, s. 85.